RODE October 2026: the official public debt interest rate drops to 2.983% and here's what changes for your loans

Key data

If you have a loan or financial product referenced to an official interest rate other than Euribor, the data just published by the Bank of Spain directly affects you. The RODE (Internal Rate of Return in the Secondary Market of Public Debt with maturity between 2 and 6 years) is set at 2.983% for October 2026, according to the Resolution of October 2, 2026 published in the BOE on the 3rd of the same month.

This index is published monthly under the Order EHA/2899/2011 on transparency and protection of banking services clients, and is part of the catalog of official interest rates recognized in Spain. Its calculation is the responsibility of Sociedad de Bolsas and its dissemination is handled by BME Renta Variable.

What does this regulation establish?

The Bank of Spain's resolution does not create any new obligation: its function is to publish the updated RODE value monthly, as required by Order EHA/2899/2011. This value has official validity during the current month and serves as a reference for the review of contracts that incorporate it as an update index.

The RODE measures the return offered in the secondary market by Spanish public debt securities with maturity between 2 and 6 years. Unlike Euribor—which reflects the cost at which banks lend money to each other in the interbank market—the RODE is based on the actual behavior of Spanish sovereign debt in that maturity range.

Economic and operational impact

The RODE is not the most widespread index in the Spanish mortgage market—that role is held by Euribor—but there is a portfolio of loans and financial products, especially from earlier generations or specific segments, that are referenced to this or other official interest rates other than Euribor.

For those contracts, the value of 2.983% published for October 2026 is the data that will be applied in the periodic reviews that mature during this month. The practical consequences are:

• Payment review: If the contract establishes annual or semi-annual reviews referenced to the RODE, the financial entity will take 2.983% as the basis for calculating the new applicable rate.
• Spread over the index: The final payment will depend on the spread agreed in the contract added to the RODE. A spread of +1% over the current RODE would give a total rate of 3.983%.
• Comparison with Euribor: Depending on the current level of Euribor, the RODE may be more or less advantageous for the borrower. It is relevant data for negotiating conditions or evaluating a loan transfer.

Who does it affect?

• Individual clients with mortgages or personal loans referenced to the RODE or other official interest rates other than Euribor, especially contracts signed before the generalization of Euribor.
• Companies and self-employed individuals with bank financing (loans, credit facilities, leasing) whose conditions reference the RODE as a review index.
• Banking and financial entities required to apply this rate in periodic reviews of linked contracts and to communicate it correctly to their clients in accordance with Order EHA/2899/2011.
• Financial advisors and CFOs who manage debt portfolios or structured financing and need to know the updated value of all official indices for their valuation models and treasury planning.
• Risk and compliance departments of financial entities, which must ensure that interest rate reviews are applied correctly and with the current official index.

Practical example

Imagine a company that in 2015 formalized a long-term loan with annual review referenced to the RODE plus a spread of 1.5%. In the October 2026 review, the financial entity will take the value published by the Bank of Spain: 2.983%.

The resulting rate for the next period will be: 2.983% + 1.5% = 4.483%.

If the outstanding capital of the loan is 500,000 euros over 10 years, this rate will determine the amount of the payments for the next fiscal year. The CFO or financial advisor of that company must verify that the entity applies exactly 2.983%—and not a value from previous months—in the October settlement. The verification source is the Bank of Spain Resolution published in the BOE on October 3, 2026.

What should companies do now?

1. Identify if you have contracts referenced to the RODE: Review your loan, leasing or any financial product contracts with periodic interest rate review. Look for the interest rate clause and check if it mentions the RODE or the "internal return of public debt" as an index.
2. Verify correct application of the index: If you have an interest rate review in October 2026, confirm with your financial entity that it applies the official value of 2.983% published by the Bank of Spain on October 3, 2026.
3. Calculate the impact on your payment: Add the spread agreed in your contract to 2.983% to obtain the total applicable rate. Compare the result with the settlement sent to you by the entity.
4. Evaluate whether it's worth renegotiating or transferring: If the resulting rate is significantly higher than what you would get with another index or with current market conditions, discuss with your financial advisor the possibility of renegotiating the spread or changing entities.
5. If you are a financial entity: Make sure your systems automatically apply the value published in the BOE and that communications to clients reflect the current official rate, in compliance with Order EHA/2899/2011.

Official source

Consult complete regulation in official source

Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-20586